Perhaps we will never
understand why the revenue chose the name
Self-Assessment.With the tax regime
becoming more complex and with more emphasis
being put on taxpayers individual
responsibilities, every one who is subject to
tax needs professional advice to optimise their
tax position. Many tax payers struggle to
understand the complex tax return and complete
them incorrectly, those that do, are often
unaware of tax legislation and will not claim
all they are entitled to and pay too much tax.
In the first year of self assessment over
750,000 taxpayers were fined £100 for failing to
submit their return by the due date, 6 months
later half of these received a further £100 fine
for still not having submitted their return.
Some of these people paid more in fines than it
would cost a professional to complete the
returns on their behalf. Current
penalties include:
£100 late filing penalty
Interest will be charged on all tax
paid late
5% Surcharge on amounts more than 28
days late
A further 5% surcharge for sums
still outstanding at 31st July
Penalties for failing to keep and
maintain complete tax records
As tax specialists dealing as your agent we
can save you time, worry and money handling all
self assessment issues for you. We will
complete all necessary computations, completing
your return using the latest software and where
possible submit the return electronically
ensuring safe receipt by the quickest possible
method. Our Basic tax return services start
from just £79
If you have any questions and wish to speak to
an advisor, call us now on:
Tel: 01277 725252 |
